We are a condo of 67 units. Lately buyers seem to be investors and renting out the unit. We have nothing that addresses this situation in our bylaws. We now have 10 of the units rented with no restrictions on time of lease etc. I understand that if 30% of units are rented some banks will not approve a mortgage. I do see other pitfalls and the board is discussing solutions. First we are trying to get an 80% majority vote changed to 66-2/3rds in our bylaws. The more rentals with absentee occupancy the more problems we seem to have. What are your thoughts and has anyone confronted this same problem? This will be a hard sell.Join the Conversation Comments (2)
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